iPhone owners don’t need PayPal or Blockchain

Last week we got big news: Apple announced a new Tap to Pay feature Tuesday, which would allow two iPhone users (Business A and Customer B) to tap their devices together to make a financial exchange.

Instead of exchanging photos and files, you can pay another iPhone owner for goods or services. The feature is limited to the U.S., for now, and would be a direct competitor to Block, which fell 2% in early trading Tuesday.